As far as it goes to being a resource hog, anyone with a decent computer can handle what steam requires. And if you're in the mood to whine about taking up system resources, look at iTunes. That takes up just as much (if not more) memory than steam, with the bonus that whenever you end the process, it's watchdog restarts it.
But I'm not worried about resources, I'm worried about how easily it's "advantages" can be used against you. The Steam VAC system barely ever works, and when it does, it bans the wrong people, without any discretion. And then there is my paranoid side that makes me wonder:
Steam is installed on millions of computers world wide, maintains a continuous internet connection (when connected), and can install updates whenever it needs. Imagine what could happen if someone wanted to use that for other purposes.